By: Ecofin agency

Gold producer Endeavour Mining says it injected a total of $2.8 billion into the economies of Côte d’Ivoire, Burkina Faso, and Senegal in 2025, the three West African countries where it operates. The figure marks a sharp increase from 2024 and reflects the impact of the recent surge in global gold prices on the company’s economic contribution.

A 27% Year-on-Year Increase

Endeavour currently produces all of its gold in West Africa, from the Sabodala-Massawa mine in Senegal; Mana and Houndé in Burkina Faso; and Ity and Lafigué in Côte d’Ivoire. This strong regional presence has made the company the largest gold producer in West Africa and a major economic actor in its host countries.

In 2024, the company reported an economic contribution of $2.2 billion. That total rose by 27% to reach $2.8 billion in 2025.

According to the company’s financial report published Thursday, March 5, the amount includes $919 million paid directly to governments through income taxes, royalties, and dividends linked to their minority stakes in the mines. The figure also covers payments to local suppliers and salaries paid to employees, the vast majority of whom are West African nationals.

Rising Gold Prices in the Background

The main driver of this increase has been the rise in global gold prices. After several months of strong gains, the price of the metal more than doubled over the past year.

Higher prices boosted the company’s revenues and also increased government income from the sector. Several West African countries have recently introduced reforms aimed at capturing a larger share of mining revenues. Burkina Faso has moved in that direction, as has Côte d’Ivoire, where the royalty rate on gold was raised from 6% to 8%.

Endeavour is not the only mining company in the region to see its economic contribution increase. South African miner Gold Fields reported a 26% rise in gold royalty payments in Ghana, while Australia’s Perseus Mining—active in Ghana and Côte d’Ivoire—also reported a sharp increase in its economic impact by mid-2025.

Explaining the trend at the time, Perseus noted that “as the gold price rises, governments and host communities expect to receive a larger share [of the revenues]. This translates into higher royalties and indirect charges linked to gold prices imposed by governments.”

The trend could continue into 2026, with market signals still pointing upward. Banks such as JP Morgan and UBS expect gold prices to approach the historic threshold of $6,000 per ounce by December.

How these dynamics evolve in the coming months will shape the outlook for mining companies operating in the region, including Endeavour, which expects its production to remain stable. For host countries, gold revenues remain a key source of budget income, with the challenge now shifting to how effectively those resources are directed toward development.